Tesla is preparing to introduce its electric vehicles (EVs) in India, with the first shipment expected to arrive soon. The U.S.-based EV giant plans to ship thousands of cars to a port near Mumbai in the coming months, targeting the world’s largest population. This development follows a meeting between Elon Musk and Indian Prime Minister Narendra Modi, after which Tesla announced plans to begin hiring in India. Tesla aims to establish a manufacturing unit in the country, contacting state governments in Gujarat, Tamil Nadu, and Maharashtra for potential locations. The company also approached Tata Motors’ executives for a possible collaboration. Tesla intends to build a plant with a capacity of 500,000 vehicles, investing between $2 billion and $3 billion. Its initial proposal includes producing a budget EV priced between ₹20-25 lakh. Despite challenges due to high import taxes, a recent customs duty cut from 110% to 70% on cars over $40,000 may facilitate Tesla’s entry. On Wall Street, analysts maintain a neutral stance on Tesla stock, with an average price target of $351.38. — news from TipRanks
